8-K 1 mab03op2.txt OCTOBER 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 27, 2003 MASTR ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-OP2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-75724-17 54-2114695 Pooling and Servicing Agreement) (Commission 54-2114696 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On October 27, 2003 a distribution was made to holders of MASTR ASSET BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-OP2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-OP2 Trust, relating to the October 27, 2003 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MASTR ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-OP2 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 10/31/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-OP2 Trust, relating to the October 27, 2003 distribution. EX-99.1

MASTR Asset Backed Securitizations Mortgage Pass-Through Certificates Record Date: 89/3130/03 Distribution Date: 910/2527/03 MABS Series: 2003-OP2 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 57643LBC9 SEN 1.~~43000~~44000% ~~293~~286,~~344~~575,~~738~~442.3194 ~~361~~366,~~221~~816.4557 67,~~769~~656,~~295~~060.3719 A-2 57643LBD7 SEN 1.~~44000~~45000% ~~154~~150,~~245~~428,~~995~~020.8355 ~~191~~193,~~265~~885.0300 34,~~817~~389,~~975~~568.2896 A-3 57643LBE5 SEN 1.~~43000~~44000% ~~101~~98,~~517~~316,~~376~~228.6282 125,~~007~~844.3777 34,~~201~~227,~~147~~065.8036 M-1 57643LBF2 MEZ 1.~~86000~~87000% 30,526,000.00 4850,~~892~~741.4800 0.00 M-2 57643LBG0 MEZ 2.~~91000~~92000% 23,227,000.00 5860,~~202~~286.9997 0.00 M-3 57643LBH8 MEZ 4.~~21000~~22000% 13,272,000.00 4849,~~114~~784.6975 0.00 M-4 57643LBJ4 MEZ 4.~~96000~~97000% 6,636,000.00 2829,~~343~~316.0937 0.00 M-5 57643LBK1 MEZ 4.~~86000~~87000% 6,636,000.00 2728,~~771~~726.6651 0.00 CE MAB3OPT2C OC 0.00000% 5,970,891.14 2,~~635~~550,~~474~~847.7756 0.00 R-1 MAB3OP2R1 RES 0.00000% 0.00 0.00 0.00 R-2 MAB3OP2R2 RES 0.00000% 0.00 0.00 0.00 P MAB3OPT2P Pre_Pay 0.00000% 100.00 ~~324~~353,~~665~~660.7286 0.00 Totals ~~635~~621,~~376~~587,~~101~~683.9045 3,~~848~~809,~~959~~910.2536 1316,~~788~~272,~~418~~694.4551

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~286~~278,~~575~~919,~~442~~382.9475 78,~~130~~022,~~516~~876.8276 0.00 A-2 0.00 ~~150~~146,~~428~~038,~~020~~451.5559 4,~~009~~583,~~240~~453.3196 0.00 A-3 0.00 9894,~~316~~089,~~228~~163.8246 34,~~326~~352,~~155~~910.1713 0.00 M-1 0.00 30,526,000.00 4850,~~892~~741.4800 0.00 M-2 0.00 23,227,000.00 5860,~~202~~286.9997 0.00 M-3 0.00 13,272,000.00 4849,~~114~~784.6975 0.00 M-4 0.00 6,636,000.00 2829,~~343~~316.0937 0.00 M-5 0.00 6,636,000.00 2728,~~771~~726.6651 0.00 CE 0.00 5,970,891.14 2,~~635~~550,~~474~~847.7756 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 P 0.00 100.00 ~~324~~353,~~665~~660.7286 0.00 Totals 0.00 ~~621~~605,~~587~~314,~~683~~988.4594 1720,~~637~~082,~~377~~604.7087 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 307,739,000.00 ~~293~~286,~~344~~575,~~738~~442.3194 0.00 67,~~769~~656,~~295~~060.3719 0.00 0.00 A-2 163,678,000.00 ~~154~~150,~~245~~428,~~995~~020.8355 0.00 34,~~817~~389,~~975~~568.2896 0.00 0.00 A-3 105,747,000.00 ~~101~~98,~~517~~316,~~376~~228.6282 0.00 34,~~201~~227,~~147~~065.8036 0.00 0.00 M-1 30,526,000.00 30,526,000.00 0.00 0.00 0.00 0.00 M-2 23,227,000.00 23,227,000.00 0.00 0.00 0.00 0.00 M-3 13,272,000.00 13,272,000.00 0.00 0.00 0.00 0.00 M-4 6,636,000.00 6,636,000.00 0.00 0.00 0.00 0.00 M-5 6,636,000.00 6,636,000.00 0.00 0.00 0.00 0.00 CE 5,971,248.86 5,970,891.14 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 663,432,348.86 ~~635~~621,~~376~~587,~~101~~683.9045 0.00 1316,~~788~~272,~~418~~694.4551 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 67,~~769~~656,~~295~~060.3719 ~~286~~278,~~575~~919,~~442~~382.9475 0.~~93122888~~90635046 67,~~769~~656,~~295~~060.3719 A-2 34,~~817~~389,~~975~~568.2896 ~~150~~146,~~428~~038,~~020~~451.5559 0.~~91904850~~89223018 34,~~817~~389,~~975~~568.2896 A-3 34,~~201~~227,~~147~~065.8036 9894,~~316~~089,~~228~~163.8246 0.~~92973067~~88975728 34,~~201~~227,~~147~~065.8036 M-1 0.00 30,526,000.00 1.00000000 0.00 M-2 0.00 23,227,000.00 1.00000000 0.00 M-3 0.00 13,272,000.00 1.00000000 0.00 M-4 0.00 6,636,000.00 1.00000000 0.00 M-5 0.00 6,636,000.00 1.00000000 0.00 CE 0.00 5,970,891.14 0.99994009 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 1316,~~788~~272,~~418~~694.4551 ~~621~~605,~~587~~314,~~683~~988.4594 0.~~93692700~~91239897 1316,~~788~~272,~~418~~694.4551

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 307,739,000.00 ~~953~~931.~~22574750~~22887557 0.00000000 2124.~~99687193~~87842032 0.00000000 A-2 163,678,000.00 ~~942~~919.~~37463697~~04850102 0.00000000 2326.~~32613595~~81831987 0.00000000 A-3 105,747,000.00 ~~960~~929.~~00242674~~73066678 0.00000000 3039.~~27175996~~97338326 0.00000000 M-1 30,526,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 23,227,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 13,272,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 6,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 5,971,248.86 999.94009293 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 2124.~~99687193~~87842032 ~~931~~906.~~22887557~~35045526 0.~~93122888~~90635046 2124.~~99687193~~87842032 A-2 0.00000000 2326.~~32613595~~81831987 ~~919~~892.~~04850102~~23018115 0.~~91904850~~89223018 2326.~~32613595~~81831987 A-3 0.00000000 3039.~~27175996~~97338326 ~~929~~889.~~73066678~~75728352 0.~~92973067~~88975728 3039.~~27175996~~97338326 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.94009293 0.99994009 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 307,739,000.00 1.~~43000~~44000% ~~293~~286,~~344~~575,~~738~~442.3194 ~~361~~366,~~221~~816.4557 0.00 0.00 A-2 163,678,000.00 1.~~44000~~45000% ~~154~~150,~~245~~428,~~995~~020.8355 ~~191~~193,~~265~~885.0300 0.00 0.00 A-3 105,747,000.00 1.~~43000~~44000% ~~101~~98,~~517~~316,~~376~~228.6282 125,~~007~~844.3777 0.00 0.00 M-1 30,526,000.00 1.~~86000~~87000% 30,526,000.00 4850,~~892~~741.4800 0.00 0.00 M-2 23,227,000.00 2.~~91000~~92000% 23,227,000.00 5860,~~202~~286.9997 0.00 0.00 M-3 13,272,000.00 4.~~21000~~22000% 13,272,000.00 4849,~~114~~784.6975 0.00 0.00 M-4 6,636,000.00 4.~~96000~~97000% 6,636,000.00 2829,~~343~~316.0937 0.00 0.00 M-5 6,636,000.00 4.~~86000~~87000% 6,636,000.00 2728,~~771~~726.6651 0.00 0.00 CE 5,971,248.86 0.00000% 5,970,891.14 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 663,432,348.86 ~~888~~905,~~818~~401.7694 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 ~~361~~366,~~221~~816.4557 0.00 ~~286~~278,~~575~~919,~~442~~382.9475 A-2 0.00 0.00 ~~191~~193,~~265~~885.0300 0.00 ~~150~~146,~~428~~038,~~020~~451.5559 A-3 0.00 0.00 125,~~007~~844.3777 0.00 9894,~~316~~089,~~228~~163.8246 M-1 0.00 0.00 4850,~~892~~741.4800 0.00 30,526,000.00 M-2 0.00 0.00 5860,~~202~~286.9997 0.00 23,227,000.00 M-3 0.00 0.00 4849,~~114~~784.6975 0.00 13,272,000.00 M-4 0.00 0.00 2829,~~343~~316.0937 0.00 6,636,000.00 M-5 0.00 0.00 2728,~~771~~726.6651 0.00 6,636,000.00 CE 0.00 0.00 2,~~635~~550,~~474~~847.7756 0.00 5,970,891.14 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~324~~353,~~665~~660.7286 0.00 100.00 Totals 0.00 0.00 3,~~848~~809,~~959~~910.2536 0.00 (4) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 307,739,000.00 1.~~43000~~44000% ~~953~~931.~~22574750~~22887557 1.~~17379159~~19197297 0.00000000 0.00000000 A-2 163,678,000.00 1.~~44000~~45000% ~~942~~919.~~37463697~~04850102 1.~~16854452~~18455138 0.00000000 0.00000000 A-3 105,747,000.00 1.~~43000~~44000% ~~960~~929.~~00242674~~73066678 1.~~18213633~~19005523 0.00000000 0.00000000 M-1 30,526,000.00 1.~~86000~~87000% 1000.00000000 1.~~60166678~~66222237 0.00000000 0.00000000 M-2 23,227,000.00 2.~~91000~~92000% 1000.00000000 2.~~50583330~~59555560 0.00000000 0.00000000 M-3 13,272,000.00 4.~~21000~~22000% 1000.00000000 3.~~62527803~~75111136 0.00000000 0.00000000 M-4 6,636,000.00 4.~~96000~~97000% 1000.00000000 4.~~27111061~~41777728 0.00000000 0.00000000 M-5 6,636,000.00 4.~~86000~~87000% 1000.00000000 4.~~18500000~~32888939 0.00000000 0.00000000 CE 5,971,248.86 0.00000% 999.94009293 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 1.~~17379159~~19197297 0.00000000 ~~931~~906.~~22887557~~35045526 A-2 0.00000000 0.00000000 1.~~16854452~~18455138 0.00000000 ~~919~~892.~~04850102~~23018115 A-3 0.00000000 0.00000000 1.~~18213633~~19005523 0.00000000 ~~929~~889.~~73066678~~75728352 M-1 0.00000000 0.00000000 1.~~60166678~~66222237 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~50583330~~59555560 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~62527803~~75111136 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 4.~~27111061~~41777728 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 4.~~18500000~~32888939 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~441~~427.~~36073237~~18828503 0.00000000 999.94009293 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~3246657~~3536608.~~20000000~~60000000 0.00000000 1000.00000000 (6) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1720,~~951~~353,~~987~~620.3483 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~324~~353,~~665~~660.7286 Total Deposits 1820,~~276~~707,~~653~~281.0669 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~639~~624,~~275~~676.3682 Payment of Interest and Principal 1720,~~637~~082,~~377~~604.7087 Total Withdrawals (Pool Distribution Amount) 1820,~~276~~707,~~653~~281.0669 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~264~~258,~~739~~995.9915 Radian ~~370~~362,~~829~~055.0061 Trustee Fee- Wells Fargo 3,~~706~~626.3706 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~639~~624,~~275~~676.3682

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1311 0 0 1311 1,~~849~~548,~~434~~426.1480 0.00 0.00 1,~~849~~548,~~434~~426.1480 30 Days 5558 21 01 0 5760 89,~~673~~034,~~981~~211.8143 ~~217~~171,~~935~~401.9450 0287,875.0011 0.00 89,~~891~~493,~~917~~488.7504 60 Days 107 14 1214 0 2325 1920,~~044,635~~479.8131 60546,~~692~~989.2253 2,~~071~~008,~~936~~867.8240 0.00 3,~~177~~476,~~264~~336.8524 90 Days 7 46 2538 0 3651 ~~787~~948,~~959~~435.0760 ~~395~~583,~~460~~794.2792 45,~~072~~670,~~574~~095.5873 0.00 57,~~255~~202,~~993~~326.9225 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 72 2022 3753 0 ~~129~~147 10,~~506~~903,~~576~~126.6934 2,~~523~~850,~~522~~612.5775 67,~~144~~966,~~511~~838.4024 0.00 1921,~~174~~720,~~610~~577.6633 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~326715~~282558% 0.000000% 0.000000% 0.~~326715~~282558% 0.~~297450~~255723% 0.000000% 0.000000% 0.~~297450~~255723% 30 Days 1.~~382257~~489854% 0.~~050264~~025687% 0.~~000000~~025687% 0.000000% 1.~~432521~~541228% 1.~~395065~~492002% 0.~~035051~~028307% 0.~~000000~~047543% 0.000000% 1.~~430116~~567852% 60 Days 0.~~251319~~179810% 0.~~025132~~102749% 0.~~301583~~359620% 0.000000% 0.~~578035~~642178% 0.~~168012~~152017% 0.~~009761~~090335% 0.~~333236~~331765% 0.000000% 0.~~511010~~574118% 90 Days 0.~~175924~~179810% 0.~~100528~~154123% 0.~~628299~~976111% 0.000000% 01.~~904750~~310044% 0.~~126730~~156634% 0.~~063603~~096414% 0.~~655005~~936418% 0.000000% 01.~~845339~~189466% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~809500~~849473% 0.~~502639~~565117% 01.~~929882~~361418% 0.000000% 3.~~242021~~776008% 1.~~689807~~800654% 0.~~405866~~470779% 01.~~988242~~315725% 0.000000% 3.~~083915~~587158%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~275~~278,~~232~~626.1115 Class A-1 355,693,248.86 53.61409486% ~~335~~326,~~012~~395,~~140~~506.5119 53.~~89619991~~92159655% 46.~~103784~~078387% 0.000000% Class A-2 192,015,248.86 28.94270217% ~~184~~180,~~584~~357,~~119~~054.9660 29.~~69558839~~79557055% 24.~~200612~~126026% 0.000000% Class A-3 86,268,248.86 13.00332265% 86,267,891.14 1314.~~87863586~~25173550% 15.~~816953~~543835% 0.000000% Class M-1 55,742,248.86 8.40209992% 55,741,891.14 89.~~96766339~~20874126% 45.~~910972~~042994% 0.000000% Class M-2 32,515,248.86 4.90106473% 32,514,891.14 5.~~23094199~~37156550% 3.~~736721~~837176% 0.000000% Class M-3 19,243,248.86 2.90055933% 19,242,891.14 3.~~09576455~~17898805% 2.~~135177~~192577% 0.000000% Class M-4 12,607,248.86 1.90030662% 12,606,891.14 2.~~02817583~~08269932% 1.~~067589~~096289% 0.000000% Class CE 0.00 0.00000000% 0.00 0.00000000% 0.~~960587~~986411% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~863504~~862012% Weighted Average Net Coupon 7.~~363504~~362012% Weighted Average Pass-Through Rate 6.~~656140~~656048% Weighted Average Maturity(Stepdown Calculation ) ~~351~~350 Beginning Scheduled Collateral Loan Count 43,~~057~~979 Number Of Loans Paid In Full 7886 Ending Scheduled Collateral Loan Count 3,~~979~~893 Beginning Scheduled Collateral Balance ~~635~~621,~~376~~587,~~101~~683.9045 Ending Scheduled Collateral Balance ~~621~~605,~~587~~314,~~683~~988.4594 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2003 ~~621~~605,~~762~~509,~~015~~306.0623 Monthly P &I Constant 4,~~641~~541,~~650~~811.5603 Special Servicing Fee 0.00 Prepayment Penalties ~~324~~353,~~665~~660.7286 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~621~~605,~~587~~314,~~683~~988.4594 Scheduled Principal ~~478~~469,~~081~~369.6245 Unscheduled Principal 1315,~~310~~803,~~336~~325.8306

Other Income 08,484.0049

Miscellaneous Reporting Net Monthly Excess Cashflow 2,~~635~~550,~~474~~847.7756 Extra Prinicpal Distribution Amount 0.00 OC Amount 5,970,891.14 OC Deficiency Amount 0.00 OC Release Amount 0.00 OC Target Amount 5,970,891.14 Stepdown NO Trigger Event NO Credit Enhancement Percentage 1314.~~878636~~251735%

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~618175~~632349 8.~~053807~~057165 7.~~544143~~537845 Weighted Average Net Rate 7.~~118175~~132346 7.~~553807~~557164 7.~~044143~~037845 Weighted Average Maturity ~~351~~350 ~~351~~ 350 349 Beginning Loan Count ~~363~~358 21,~~029~~992 ~~292~~286 Loans Paid In Full 511 3735 64 Ending Loan Count ~~358~~347 1,~~992~~957 ~~286~~282 Beginning Scheduled Balance 4948,~~805~~899,~~990~~678.7650 ~~289~~283,~~581~~718,~~119~~135.0594 4241,~~513~~714,~~861~~170.4154 Ending scheduled Balance 4846,~~899~~640,~~678~~422.5033 ~~283~~278,~~718~~321,~~135~~331.9492 4140,~~714~~933,~~170~~147.5498 Record Date 0809/3130/2003 0809/3130/2003 0809/3130/2003 Principal And Interest Constant ~~360~~353,~~292~~552.7060 2,~~147~~106,~~465~~778.2187 ~~305~~299,~~190~~487.5285 Scheduled Principal 4442,~~100~~536.4243 ~~203~~201,~~939~~809.8312 37,~~914~~458.9974 Unscheduled Principal ~~862~~2,~~211~~216,719.8474 5,~~659~~194,~~043~~994.2890 ~~761~~743,~~775~~563.8882 Scheduled Interest ~~316~~311,~~192~~016.2817 1,~~943~~904,~~525~~969.3875 ~~267~~262,~~275~~029.5311 Servicing Fees 20,~~752~~374.5098 ~~120~~118,~~658~~216.8105 17,~~714~~380.1089 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~290~~285.5536 1,~~689~~655.2000 ~~248~~243.0134 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 3534,~~352~~524.6683 ~~159~~155,~~161~~794.3799 2928,~~449~~845.6508 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~295~~290,~~439~~641.8319 1,~~822~~786,~~866~~753.6170 ~~249~~244,~~561~~648.4422 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~259406~~278103 6.~~887256~~891221 6.~~205894~~201052

Group Level Collateral Statement Group Group 4 Group 5 Group 6 Collateral Description Mixed ARM Mixed Fixed Mixed ARM Weighted Average Coupon Rate 8.~~031824~~025032 7.~~238419~~228429 7.~~521944~~505653 Weighted Average Net Rate 7.~~531824~~525032 6.~~738420~~728430 7.~~021944~~005652 Weighted Average Maturity 349 350 ~~351~~350 ~~351~~ Beginning Loan Count ~~953~~934 ~~204~~199 ~~216~~210 Loans Paid In Full 1923 57 6 Ending Loan Count ~~934~~911 ~~199~~192 ~~210~~204 Beginning Scheduled Balance ~~136~~133,~~156~~138,~~549~~265.8443 42,~~882~~033,~~771~~951.2616 7472,~~435~~083,~~809~~481.5888 Ending scheduled Balance ~~133~~129,~~138~~529,~~265~~719.4303 4240,~~033~~286,~~951~~664.1603 7269,~~083~~603,~~481~~703.8865 Record Date 0809/3130/2003 0809/3130/2003 0809/3130/2003 Principal And Interest Constant 1984,~~007,582~~796.8461 ~~297~~290,~~039~~367.4597 ~~524~~506,~~079~~827.8413 Scheduled Principal 9694,~~261~~430.6489 3837,~~369~~168.8845 5755,~~494~~965.8682 Unscheduled Principal 23,~~922~~514,~~022~~115.7751 ~~810~~1,~~450~~710,118.2268 2,~~294~~423,~~832~~812.8441 Scheduled Interest ~~911~~890,~~321~~365.2072 ~~258~~253,~~669~~199.5752 ~~466~~450,~~584~~861.9831 Servicing Fees 5655,~~731~~474.8631 17,~~867~~514.8011 3130,~~014~~034.9281 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~794~~776.2572 ~~250~~245.1615 ~~434~~420.2049 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 7472,~~602~~199.5035 28,~~862~~333.8422 4342,~~399~~358.9814 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~854~~834,~~589~~891.3041 ~~240~~235,~~801~~685.6841 ~~435~~420,~~570~~826.0950 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~867324~~867285 5.~~923743~~912565 6.~~315281~~293501

Group Level Collateral Statement Group Total Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~863504~~862012 Weighted Average Net Rate 7.~~363504~~362012 Weighted Average Maturity ~~351~~350.00 Record Date 0809/3130/2003 Principal And Interest Constant 4,~~641~~541,~~650~~811.5603 Beginning Loan Count 43,~~057~~979 Loans Paid In Full 7886 Ending Loan Count 3,~~979~~893 Beginning Scheduled Balance ~~635~~621,~~376~~587,~~101~~683.9045 Ending Scheduled Balance ~~621~~605,~~587~~314,~~683~~988.4594 Scheduled Principal ~~478~~469,~~081~~369.6245 Unscheduled Principal 1315,~~310~~803,~~336~~325.8306 Scheduled Interest 4,~~163~~072,~~568~~441.9458 Servicing Fee ~~264~~258,~~739~~995.9915 Master Servicing Fee 0.00 Trustee Fee 3,~~706~~626.3706 Fry Amount 0.00 Special Hazard Fee 0.00 Other Fee ~~370~~362,~~829~~055.0061 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 3,~~898~~813,~~828~~446.9543 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.00 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 6.~~656140~~656048

Filing Compare · MORTGAGE ASSET SEC TRANS MASTR PASS THRU SER 2003-OPT2